From: SOFCU Community Credit Union, Pamala E Yaple

From:

SOFCU Community Credit Union, Pamala E Yaple

Subject:

Reg Z - Truth in Lending

Comments:

Date: Sep 01, 2009

Proposal: Regulation Z - Truth in Lending

Document ID: R-1364

Document Version: 1

Release Date: 07/15/2009

Name: Pamala E Yaple

Affiliation: SOFCU Communtity Credit Union

Category of Affiliation:

Address:

City:

State:

Country: UNITED STATES

Zip:

PostalCode:

Comments:

Docket R-1364 AT SOFCU Community Credit Union we not only believe in the

credit union philosophy of "People Helping People" we are an example of it. We

operate under the principals of democratic structure, service to members and

social goals. Our mission is to put members' needs first through education and

innovative financial solutions. We are an integral part of our communities

providing no cost or low cost financial services. We provide no cost financial

literacy classes both in the schools and the community at large and we provide

members with one-on-one counseling. Our intent is to teach people wise money

management skills they can use to make their entire lives better. As Roy

Bergengren, a grassroots organizer for the Federal Credit Union Act of 1934,

and CUNA's first general manager, once said," The most important service of the

credit union is the education of its members in the management and control of

their own money." This statement is at the core of SOFCU's mission.

Representative Wright Patman, 1893-1976 made a statement, "no

institution-except the church- does more good for the people than credit

unions." We are a unique financial institution we are a cooperative. A

cooperative is a business voluntarily owned ad controlled by its member

patrons, and operated for them and by them on a nonprofit or cost basis. It is

owned by the people who use it. It is organized and incorporated to engage in

economic activities with certain ideals of democracy, social consciousness, and

human relations. A cooperative provides services and benefits for its members

in proportion to the use they make of their organization rather then earning

profits for the shareholders as investors. And as a cooperative our surplus

does go back to our members giving us the ability to offer no cost educational

services to make a difference in the lives of our members and communities. The

changes made to Regulation Z, Truth in Lending, Credit Card Act of 2009 will

have a tremendous negative impact on SOFCU Community Credit Union. We use the

multifeature open-end lending plan for our members. Although we underwrite

each loan to ensure the financial stability of our organization, we also want

to offer our member the convenience of not having to take time out of their

busy day to come sign additional documents. The new changes in this

regulation will double our statement and postage cost and cause confusion for

our members. SOFCU serves seven counties that have low income and affordable

housing concerns and the credit union is impacting the communities, assisting

any who have housing and other needs by providing education and counseling in

personal finances, money management, renting, home purchase and home ownership.

SOFCU Community Credit Union has developed a comprehensive financial literacy

program to address the growing concern for the diminishing level of financial

literacy in our nation and more specifically, in our own communities.

We hope that through free educational programs we can help to improve the lives

of many and provide a strong foundation for the future economic well being for

our local communities. SOFCU offers products and services to low-income

members. We step in to fill the gap in financial services unmet by other

financial institutions. We offer not only education but alternatives to

predatory lenders, check cashing stores and pricey ATMs, while encouraging

savings with wealth building low balance, dividend bearing products. SOFCU,

along with other credit unions are an asset to our communities and to society

as a whole. The overall cost to credit unions in complying with the new

regulations in Truth in Lending place a heavy burden on an already tough

economic time for credit unions. Credit unions with our cooperative principals

are part of the solution. Please exempt our multi features open-end plans from

Regulation Z, Truth in Lending's Credit Card Act of 2009.

Sincerely,

Pamala Yaple

SOFCU Community Credit Union

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download